Vixen Gold Project

On September 26, 2019, ALX announced the acquisition of claims prospective for gold mineralization in the Red Lake Mining District of Ontario, Canada. The Vixen Gold Project (“Vixen” or the “Project”) consists of three sub-projects totaling 10,008 hectares (27,730 acres) staked within the Birch-Uchi greenstone belt, located approximately 60 kilometres (37 miles) east of Red Lake, Ontario, Canada. Vixen is owned 100% by the Company, subject to a 2.0% net smelter returns royalty (“NSR”).

ALX acquired Vixen after its review of historical surface exploration carried out by the Ontario Geological Survey (the “OGS”), and of Province of Ontario assessment records describing gold showings and past-producing mines located near the ALX claims.

Vixen South demonstrates a credible setting for significant gold mineralization. In 1991, pristine gold grains were found by the OGS in till samples collected from Vixen South, which is a possible indication of an on-property source. Vixen South and Vixen West each lie within 10 kilometres (6 miles) of past-producing gold mines, and each lie within approximately 25 kilometres (15.5 miles) from the Springpole gold deposit (“Springpole”) owned by First Mining Gold Corp., which hosts an indicated mineral resource estimated at 139.1 million tonnes containing 4.67 million ounces of gold and 24.19 million ounces silver at an average grade of 1.04 grams/tonne gold and 5.4 grams/tonne silver1. Vixen North is located approximately 6 kilometres (4 miles) northwest of Springpole near other high-grade gold deposits and hosts historical showings in surface trenching with gold values ranging up to 9.5 grams/tonne gold2.

  1. Springpole Indicated Mineral Resource Estimate was calculated by SRK Consulting (Canada) Inc. in “Preliminary Economic Assessment Update for the Springpole Gold Project, Ontario, Canada” dated June 6, 2017 (Arseneau, et al)
  2. “Brengold Prospect” - Trenching was carried out by Brengold Mines Limited in 1934 and is described in Ontario Department of Mines, Vol. XLVI, Part VII, pages 25-26.

2019 Exploration at Vixen

2019 Prospecting and Sampling Program

On December 12, 2019, ALX announced the results of a reconnaissance sampling program carried out during an October 2019 site visit to Vixen North.

A total of 78 rock samples were collected within Vixen North from six locations that were chosen following ALX’s review of historical exploration data. Crews were transported daily by helicopter to the sites where historical trenches and reported mineral occurrences were located. Both mineralized and unmineralized samples were collected to obtain geochemical signatures at each of the target areas. Four rock samples returned significant values of gold with anomalous silver, including a sample comprised of 80% quartz veins/flooding with 20% host metabasalt that returned 23.9 grams/tonne (0.765 oz/ton) gold. Rock samples that returned assay values of over 1.0 grams/tonne gold are shown in the table below and certain mineralized samples are shown in the map below. The brief five-day program successfully confirmed many of the historical gold prospects at Vixen North, and additional work is recommended.

Vixen Gold Project – Rock Samples with Assay Values greater than 1.0 grams/tonne Gold

A total of 149 soil samples were collected for processing by the Spatiotemporal Geochemical Hydrocarbon (“SGH”) method, which has reportedly detected gold and other minerals in overburden covered areas. The results from the SGH survey are pending and will be released after their receipt, compilation and interpretation.

ALX has initiated a geophysical study from historical digital airborne data, accessed through Condor Consulting, Inc. of Lakewood, Colorado (“Condor Consulting”). Condor Consulting are recognized experts in the field of airborne electromagnetics and have been retained by ALX to perform a detailed interpretation of historical airborne data collected in the 1990s, before modern modeling techniques were available to explorers. A report regarding the significance of the historical results is pending. ALX intends to integrate the geochemical results of its October 2019 site visit with all available geological and geophysical data in order to prioritize target areas that demonstrate faulting and possible geological contacts that are interpreted to act as conduits for hydrothermal fluids for precious metals.

About Vixen and the Red Lake Mining District

Vixen consists of 499 mineral claims totaling 10,069 hectares (24,880 acres) located within the Birch-Uchi greenstone belt. The Vixen claims were staked by a related party to ALX (the “Vendor”) and were acquired by the Company in exchange for reimbursement of the Vendor’s staking costs, and implementation of an exclusive three-year geological services agreement between ALX and the vendor. A 2.0 % NSR was granted in favour of the Vendor, 1.0% of which can be purchased by the Company for $1.5 million.

To date, the Red Lake Mining District (“Red Lake”) has produced over 28 million ounces of gold since mines began production in 1925 (readers are cautioned that mineralization present on adjacent properties may not be present at Vixen). Historic gold mines in the Red Lake camp include the Campbell mine, the Red Lake mine, and the Couchenour-Williams mine, all multi-million ounce gold producers. Vixen lies within the Birch-Uchi greenstone belt, a geological trend located to the northeast of Red Lake that is highly-prospective for new showings of gold mineralization. ALX considers Vixen underexplored where areas of limited outcrop inhibited surface exploration and plans to identify new drill targets through its geophysical review and leading-edge geochemical exploration techniques.

National Instrument 43-101 Disclosure

The technical information on this web page was reviewed and approved by Neil McCallum, P. Geo., a consultant to the Company, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Readers are cautioned that some of the technical information described on this web page is historical in nature; however, the information is deemed credible and was produced by professional geologists of the eras discussed. ALX further cautions investors that it has reviewed but has not verified all of the historical Vixen exploration data.